Singapore's 40 Richest

The city-state of Singapore has had a banner year. GDP was up 7.9% for 2006, the main stock index is up 19% year to date, and its 40 wealthiest citizens are worth a collective $32 billion, $4 billion more than last year. Fortunes centered on real estate, shipping and palm oil did particularly well. Ng Teng Fong takes the top spot based on the success of his hotel and mall holdings in Singapore and Hong Kong. Chua Thian Poh smartly bet on Sentosa Cove, which is emerging as the best address in Singapore. The richest of the list's 12 new entrants is Zhong Shen Jian, who made his $2.5 billion fortune selling luxury residences in his native China. He is one of three newcomers to list companies on the Singapore stock exchange last year. The other two are Robert Chandran of marine fuel outfit Chemoil and Raymond Goh, whose Swiber Group provides offshore oil and gas services. Kuok Khoon Hong and Peter Lim make their debuts thanks to soaring palm oil demand. One of the list's biggest gainers is Brian Chang, who operates one of Asia's largest dry docks out of China. Banking tycoons didn't do as well, recently hit by the global downturn in mortgages. Wee Chow Yaw's
United Overseas Bank
dipped 10% since mid-July. A $100 million net worth was needed to make the list, up from $55 million last year. Dropoffs who failed to make the cut include Tang Wee Kit--who, with his brother, launched an unsuccessful $150 million bid to buy out retailer C.K. Tang's minority shareholders--and Sudhir Gupta, who was forced to sell his stake in tiremaker Amtel-Vredestein for pennies on the dollar to his Russian partners. To better highlight individual wealth, we unraveled some extended family holdings. As a result Kwek Leng Beng's net worth dropped by $2.5 billion, but he is now joined by his cousins Kwek Leng Kee and Kwek Leng Peck. We also delineate cases such as the Khoo family in which siblings share a fortune. Public fortunes were calculated using share prices and exchange rates as of Aug. 10. For privately held fortunes we estimated what they would be worth if public.

1. Ng Teng Fong

$6.7 billion

79. Married, 6 children

Through Far East Organization has developed more than 700 hotels, malls, condos in Singapore. Has extensive Hong Kong portfolio. Other interests include food and drink maker Yeo Hiap Seng, partnering with U.S. foodmaker
Hain Celestial Group
to market organic foods in Asia. Older son Robert oversees Hong Kong interests; younger son, Philip. manages Singapore interests.

2. Khoo family

$5.7 billion

Late banker Khoo Teck Puat left fortune to 14 children. Family sold stake in
Standard Chartered
Bank 2006 for $4 billion. Real estate holdings include landmark hotel Goodwood Park. Recently gave $32 million to Peking University in China, $70 million for a hospital to be named after their father.

3. Wee Cho Yaw & family

$3.3 billion

78. Married, 5 children

Succession planning under way at Singapore's largest bank, United Overseas Bank, founded by Wee's father in 1935. Wee, who took control in 1974, stepped down as chief executive earlier this year, handing reins to son Wee Ee Cheong; remains chairman.

4. Zhong Sheng Jiang

$2.5 billion

48. Married

Moved from China in 1988. Began building luxury residences back in his native China 5 years later. Yanlord Land Group now listed in Singapore.

Got start working for his uncle Malaysian billionaire Robert Kuok's trading firms. Left in 1991 to cofound Indonesian palm oil producer Wilmar with Martua Sitorus, now an Indonesian rich lister. Merged with Kuok's palm oil business in June 2007 (kept Wilmar name); now building one of world's largest biofuel refineries.

7. Peter Lim

$830 million

54. Married, 2 children

Son of fishmonger became successful stockbroker for wealthy Indonesian clients; nicknamed King of the Remisiers (Singapore term for stockbroker). Stopped managing other people's money in 1996 to become full-time investor. Held on to stock of winning palm oil producer Wilmar; his initial $10 million investment now worth $700 million. Also second-largest investor in distributor FJ Benjamin.

8. Lee Seng Wee

$650 million

76.

Former chairman of Singapore's third-largest bank, Oversea-Chinese Banking Corp., still sits on board. Also director of family's Lee Foundation. In May appointed chairman of Temasek Trust, a civic initiative launched by the government. Fortune down due to new information on family split.

Former timber trader almost went bankrupt when a shipment was lost at sea and banks called in loans. Invested in Singapore government scheme to start private design school; turned initial stake into Raffles Education, which operates 26 private colleges from China to India to New Zealand.

Founder and chairman of tug and barge operator Labroy Marine. Company now building new rig-building yard; purchased 16% stake in Norway's Master Marine.

13. Chua Thian Poh

$500 million

59. Married, 4 children

High school dropout earned first million by age 21 making hooks and spikes for logging industry. Later founded luxury property developer Ho Bee Investment; owns land at Sentosa Cove, Singapore's popular waterfront address. Chairs the Singapore Chinese Chamber of Commerce & Industry. Arts patron.

14. Robert Chandran

$490 million

57. Married, 2 children

Born in India; made first fortune in U.S. real estate. Founded marine fuel trader Chemoil in 1981; today group is one of world's largest suppliers of marine fuel. Also owns Franklin Baker, Philippines' coconut products company that supplies all the coconut for Girl Scout cookies.

15. Simon Cheong

$480 million

50. Married, 3 children

Former real estate investment banker set up own property firm in 1996; today his SC Global Developments is one of Singapore's largest residential property developers. It also owns 41% of Australia's housing developer AVJennings.

16. Cheng Wai Keung & family

$475 million

56. Married, 3 children

Inherited Wing Tai Holdings, a property, retail and textile firm started by his family in Hong Kong in the 1950s; remains chairman. With partners launched $1 billion fund to invest in Chinese real estate.

Got start working in shipyards before founding Ezra Holdings with his wife in 1992; today firm provides vehicles and services for offshore oil and gas industry. Lee is executive chairman; son Lionel managing director.

19. Ng Chwee Cheng & family

$415 million

75. Married, 14 children

Former tire and battery service provider began trading second-hand construction equipment; grew into rental firm Tat Hong, now run by son Roland, who expanded into China, Australia this year. Family also owns 32% of construction engineering firm CSC.

Orphan and former chemist founded water treatment firm Hyflux in 1989. Learned to weld so she could personally build first water treatment projects. This year spun off assets into a listed infrastructure trust and struck joint venture with U.S. firm Marmon Water. President of Singapore Water Association.

22. Ow Chio Kiat

$335 million

62. Married, 2 children

Chairs shipping, logistics, real estate firms, all of which he built from a small tugboat company inherited from his father. Considering listing a REIT with assets from property company, Stamford Land. Has more than 1,000 bottles of wine.

23. Margaret Lien

$330 million

65. Widowed

Inherited shares in Wee Cho Yaw's (No. 3) UOB from her late husband, Lien Ying Chow, who merged his Overseas Union Bank with UOB in 2002. Collectively her family is second-largest individual shareholder in the bank after Wee family. Devout Christian focuses on charity work; heads Lien Foundation.

24. Kartar Singh Thakral

$305 million

73. Married, 5 children

Joined family's trading business in 1949; empire today includes large real estate holdings in Australia (Thakral Holdings) and consumer electronic manufacturing (Thakral Corp.). Kwek Leng Beng (No. 5) attempted to take over Thakral Corp. last year but failed.

25. John Chuang & family

$285 million

59. Married, 2 children

Son of a chocolate maker started own venture in 1984. Later merged with father's firm. With help from 2 brothers, William and Joseph, runs Southeast Asia's largest chocolate maker, Petra Foods. With European partner Armajaro Holdings, invested $21 million in cocoa plants in Germany and France this year.

26. Loo Choon Yong

$235 million

58. Married, 2 children

Medical doctor cofounded Raffles Medical 31 years ago. Today operates a hospital and more than 60 clinics in Singapore and Hong Kong. Began offering acupuncture and other traditional Chinese medical services.

27. Yao Hsiao Tung

$230 million

66. Married

Invested $33,000 in a lossmaking equipment manufacturer in 1980. It became Hi-P International, a contract electronics manufacturer with 25 plants as far-flung as China and Mexico and more than 15,000 employees. Remains chairman.

28. Wong Ngit Liong

$225 million

65.

Fulbright Scholar, trained electrical engineer founded Venture Corp. in 1994 after long career at
Hewlett-Packard
; today it is Singapore's largest contract electronics maker. Completed takeover of rival GES last year. Also owns stake in bulk container company Goodpack.

29. Oei Hong Leong

$210 million

59. Married, 4 children

Son of one of Indonesia's richest men, Eka Tjipta Widjaja, has made a name for himself as active investor. Stakes in steel, health care, tech companies. Bought land on which he'll reportedly build a Buddha artifacts museum; said to have personal collection of more than 10,000 items.

30. Kwek Leng Peck

$200 million

Inherited stake in Hong Leong Group from father, Kwek Hong Leong, cofounder of family firm. Accountant by training, sits on boards of various Kwek family companies and is executive director of family's Hong Leong Asia and City E-Solutions.

31. Ho Kwon Ping

$195 million --

55. Married, 3 children

Rebellious youth was thrown out of Stanford University. Inherited conglomerate from late father and focused on upscale Banyan Tree resort chain; opening new properties in Barbados, Mexico, Greece and a maternity hospital in Kuwait that includes a spa. Wife, Claire, manages group's retail operations.

32. Victor Sassoon

$185 million

49. Married

With brother Sunny, runs privately held coffee chain Coffee Bean & Tea Leaf. Bought U.S. chain in 1998 from its American owners; now in 16 countries, more than 500 locations and growing. Buddies with Paula Abdul, who is a fan of his coffee. Also owns franchise to sell Rolex watches in Singapore.

33. Goh Lik Tuan

$170 million

55. Married, 2 children

Began selling electronic hobby kits in 1975, which turned into electronic contract manufacturer GES. Sold company last year to Wong Ngit Liong's (No. 28) Venture Corp. in deal valued at more than $600 million.

34. David Lam

$165 million

55. Married, 3 children

Patented a modular, reusable shipping container; started Goodpack Ltd., which rents boxes to shippers all over the world. Took company public in 2000, now holds 20%. Also patented an idea for a camcorder to be worn on the head.

35. Lee Seng Tee

$155 million

Brother of Lee Seng Wee (No. 8) has separate stake in Oversea-Chinese Banking Corp. Longtime director in Lee Group of companies is known for public service. Last year received honorary degree from New Zealand's Victoria University for financial support of Antarctic research.

36. Christina Ong

$150 million

Married, 2 children

Daughter of a late Singapore tycoon; married to Malaysian rich lister Ong Beng Seng. Managing director of Club 21, whose holdings include Ishop, which claims to be Asia's largest
Apple
reseller, and a stake in U.K. luxury brand Mulberry; also has joint venture with Giorgio Armani to expand A/X Armani Exchange. Through Como Group has portfolio of luxury hotels, spas. Chairman of Singapore's National Parks Board.

37. Ron Sim Chye Hock

$135 million

48. Married, 3 children

As a youngster sold noodles on street, earning 50 cents a day. In 1980 began selling kitchen appliances, household goods; later added massage chairs. His company, OSIM International, took over U.S. retailer Brookstone in 2005, now looking to expand in Mideast.

38. Albert H.C. Teo

$125 million

39. Raymond Goh

$115 million

Studied business in Australia, became marketing executive at an offshore vessel service provider. Founded own service outfit, Swiber Group, in 1996. Took public last year; stock has quadrupled.

40. Sim Wong Hoo

$105 million

52. Single

Started small computer repair store in 1981, which became multimedia company
Creative Technology
. Company got $100 million from Apple last year as part of a patent infringement settlement, which also allows Creative to make iPod accessories, such as external speakers.